Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1140%/8h= −124.8% APRpaid last 24h −0.217%

Price spread now: Backpack against Aster+0.058%55s7-day average −0.148% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2302.298% of the position

Long on Aster Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.111%+$11 on $10k

Price spread, last 4 days (all we have)−0.383%−$38 · spread now +0.058%, 7d avg −0.148%

Together, before fees−0.272%+ Points / potential airdropAster: Stage 5 · farm board−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.207% dearer against Aster than usual: you sell high and buy low (spread +0.058% now, against its 7-day average of −0.148%): +$21 on $10k if it goes back. Holding the pair costs −$34 a day in funding at the current rate, which eats that in about 15 hours. Mind the row above: over the last 5 days funding on this pair paid +0.111%, so the current rate has only just turned against you. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.111% in total (about 7.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster EDGEUSDT	0.5875	0.0483	pay 0.0242% / 4h	2h 53m	$68K	$132K	5x
Short	Backpack EDGE_USDC_PERP	0.5878	−0.0656	pay 0.0082% / 1h	53m 10s	$59K	$101K	3.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Aster. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee AsterbpFee BackpackbpOrdersPrice spread, now +0.058%Rate

Funding earned: −$239.31
Price spread: +0.058% → −0.148%: $20.69
Slippage, 4 orders: −$211.79
Fee Aster: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$448.4
Costs to cover: 2.298%
Break-even: never at this rate

Slippage from Aster: live order book, 13 min ago; Backpack: live order book, 56 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Aster live order book, 13 min ago	4.99 bp	144.7 bp −$145	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 56 min ago	1.09 bp	27.9 bp −$28	doesn't fit	doesn't fit	doesn't fit

EDGE on 17 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack EDGE_USDC_PERPshort	−0.0656%	1h	0.5878	+0.058%	$59K	$101K	3.3x
Lighter EDGE	+0.0096%	1h	0.5871	−0.064%	$49K	$13K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5878	+0.058%	$7.1M	$3.4M	25x	as long as short
KuCoin EDGEUSDTM	+0.0100%	4h	0.5876	+0.024%	$2.1M	$2.2M	50x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5883	+0.144%	$4.7M	$1.0M	20x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5910	+0.605%	$188K	$128K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5856	−0.316%	$2K	$1.9M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5950	+1.284%	$11K	$296K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5833	−0.708%	$3K	$618K	10x	as long as short
OKX EDGE-USDT-SWAP	+0.0414%	4h	0.5894	+0.331%	$3.6M	$5.8M	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX EDGEUSDC	+0.0458%	4h	0.5958	+1.413%	$14.2M	$3.6M	30x	as long as short
Aster EDGEUSDTlong	+0.0483%	4h	0.5875	long leg	$68K	$132K	5x
Binance EDGEUSDT	+0.0527%	4h	0.5887	+0.212%	$10.0M	$10.4M	50x	as long as short
Extended EDGE-USD	+0.0528%	1h	0.5887	+0.213%	$27K	$194K	5x	as long as short
MEXC EDGE_USDT	+0.0528%	4h	0.5886	+0.195%	$1.1M	$909K	50x	as long as short
BloFin EDGE-USDT	+0.0580%	4h	0.5890	+0.263%	$658K	$97K	50x	as long as short
Orderly PERP_EDGE_USDC	+0.0764%	4h	0.5877	+0.041%	$3K	—	10x	as long as short